Almirall eczema drug beats forecasts, 2026 guidance flags margin turn

Investing.com -- Almirall SA’s eczema biologic Ebglyss tripled sales in its second year on the European market and edged past analyst forecasts, the Barcelona-based dermatology specialist said on Monday, as the company’s 2026 profit guidance signalled the first signs of meaningful margin expansion from the drug’s growing contribution.

Ebglyss, approved for moderate-to-severe atopic dermatitis, generated €110.8 million in net sales in 2025, up more than threefold year-on-year and 3% above company-compiled consensus of €107.6 million.

Almirall has set a peak sales target for the product of above €450 million in Europe, meaning the biologic must roughly quadruple from current levels to meet that goal. Jefferies has set its own peak sales estimate at €490 million, ahead of the company target.

Net sales rose 12.4% to €1,108.1 million from €985.7 million a year earlier, in line with consensus of €1,105.4 million, while total revenue climbed 12.5% to €1,114.5 million from €990.6 million. The company had guided for double-digit net sales growth.

Almirall Chairman and Chief Executive Carlos Gallardo said the results reflected the company’s commercial focus. "Our broad portfolio of dermatology products is the driver of Almirall’s increasing relevance to patients and the medical community with our advanced biologics Ilumetri and Ebglyss leading our overall growth," Gallardo said.

EBITDA rose 21% to €232.9 million from €192.6 million, in line with consensus of €233.5 million.

Gross profit increased 11.9% to €713.3 million from €637.4 million, though gross margin slipped to 64.4% from 64.7% a year earlier, which the company attributed to the growing revenue contribution of in-licensed products, particularly psoriasis biologic Ilumetri, where profit-sharing terms weigh on margins as volumes scale.

The 2026 guidance, however, pointed to an improving margin trajectory. Almirall forecast EBITDA of between €270 million and €290 million next year, implying a margin of approximately 22.9% at the midpoint, 190 basis points of expansion versus 2025, compared with 150 basis points of expansion seen between 2024 and 2025, according to Jefferies.

RBC noted consensus sits at the midpoints of both the sales and EBITDA guidance ranges, suggesting limited forecast revisions.

Ilumetri, Almirall’s anti-IL-23 biologic for psoriasis, posted net sales of €234.4 million, up 12.3% year-on-year, in line with consensus. The company reiterated its peak sales target of above €300 million for the product.

Net income reached €46.2 million compared with €10.1 million in 2024, in line with consensus of €46.6 million. Normalised net income more than doubled to €52.6 million from €25.6 million. Operating cash flow was €174.5 million. Other income rose 30.6% to €6.4 million from €4.9 million. EBIT was €81.7 million.

Selling, general and administrative expenses rose 7.9% to €501.1 million, reflecting the continued national rollout of Ebglyss across Europe. Research and development spending was €138.1 million, equivalent to 12.5% of net sales. Almirall ended 2025 with a net debt-to-EBITDA ratio of 0x.

European dermatology sales rose 25.6% to €608 million. Wynzora gained 30.5% to €33.8 million and Klisyri rose 33.9% to €32.8 million.

On the pipeline, Almirall advanced three proof-of-concept or Phase II studies in 2025, including an anti-IL-1RAP monoclonal antibody targeting hidradenitis suppurativa and an IL-2muFc mutant fusion protein targeting alopecia areata.

An anti-IL-21 monoclonal antibody for hidradenitis suppurativa is expected to enter Phase II within 12 months. Efinaconazole received approval in Germany for nail fungal infections and sarecycline was approved in China for acne.

Gallardo said performance supported continued pipeline investment. "We are very confident in our strategy, commercial excellence, and our R&D capabilities which are the foundation for the long-term growth trajectory," he said. For 2026, Almirall forecast net sales growth of 9% to 12%.

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